Jefferies reiterated its Hold rating on Vera Bradley (NASDAQ: VRA) and raised its price target from $20 to $22.

Jefferies said, "We are pleased with an all around solid quarter at the company as it relates to topline and margins. Unfortunately, the outlook is a little lighter than we had anticipated, particularly as it relates to the revenue line. As such we expect shares to come under pressure and see risk/reward as balanced. … Although 3Q results were encouraging, 4Q remains more challenged indicating that there is still some choppiness in the business. If we can get a combination of cheaper valuation and stability in the business, we would be more constructive on the name. But for now, we prefer to stay on the sidelines."